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11 Oct 2010 09:24

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Biz: States ready to throw collective book at mortgage lenders

  • Know how we know that the government is taking this whole foreclosure thing seriously? Well, more than two-thirds of the state attorney generals are about to probe the mortgage industry to see what happened with all that questionable paperwork that they’ve reportedly been plowing through the legal system. Last week, Bank of America halted foreclosures in all 50 states, but other companies have yet to follow suit to that degree. source
Posted by Ernie Smith • 0 Comments • Permalink

16 Apr 2010 10:55

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Biz: Bank of America bounces back into the win column

  • $3.2
    billion     the company’s profit in the current quarter, helped by a good quarter for controversial acquisition Merrill Lynch
  • $2.2
    billion     the company’s loss throughout all of 2009 – the credit crisis and Merrill Lynch buyout were blamed source
Posted by Ernie Smith • 0 Comments • Permalink

09 Mar 2010 21:36

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Biz: Taking the first step: Bank of America ditching overdraft fees

  • good Bank of America, which has made millions of dollars in profit off of people not having much in their bank accounts, will end the often-pricey practice of automatically charging fees at retail this summer.
  • better Consumers will have more flexibility when deciding when to accept overdrafts elsewhere – they have to accept the charge at ATMs and can still set it up for automatic payments or checks. source
Posted by Ernie Smith • 0 Comments • Permalink

08 Feb 2010 10:18

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Biz: CIT Group’s new CEO, John Thain, knows a thing or two about bailouts

  • $6
    million     amount of money John Thain will make in his first year as CEO for the emerging-from-bankruptcy small business creditor CIT Group
  • $15
    billion     amount of money Merrill Lynch lost on his watch in the fourth quarter of ’08; is this really the right guy for this particular job? source
Posted by Ernie Smith • 0 Comments • Permalink

20 Jan 2010 09:22

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Biz: Bank of America lost the TARP, posted huge losses. Coincidence?

  • $2.2B in losses this year, despite a strong upswing at formerly faltering Merrill Lynch
  • $4B the amount Bank of America spent on killing off those pesky bailout funds
  • $5.6B the amount Bank of America lost at its global credit cards division; oof source
Posted by Ernie Smith • 0 Comments • Permalink

17 Dec 2009 09:39

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Biz: Bank of America’s new CEO: Will this guy be better than the last one?

Brian Moynihan, who came from the inside, will have an easy time besting predecessor Ken Lewis, who drove the company off a cliff. source
Posted by Ernie Smith • 0 Comments • Permalink

14 Dec 2009 09:50

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Biz: TARP also-rans: Citigroup the last bank to pay back bailout funds

  • $20 billion the amount Citigroup is paying back – a loss of $5.1 billion in TARP funds for the good guys
  • $45 billion the amount Bank of America paid back to the government last week – so Citigroup stands alone source
Posted by Ernie Smith • 0 Comments • Permalink
 

02 Dec 2009 21:28

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Biz: Bank of America finally ready to give back its massive bailout

  • $45 billion to the feds to de-TARP-ify itself source
Posted by Ernie Smith • 0 Comments • Permalink

25 Oct 2009 09:52

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Biz: As bailed-out companies asked for money, execs got PAID in 2008

  • $18 million, on average, for Citigroup and Bank of America execs source
Posted by Ernie Smith • 2 Comments • Permalink

16 Oct 2009 11:06

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Biz: Ken Lewis is retiring rich, but Bank of America is still struggling

  • $1 billion in losses, mostly from bad debt, this quarter alone source
Posted by Ernie Smith • 0 Comments • Permalink
 
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